ISLAMABAD – A sigh of relief for electricity consumers as prices are set to come down by June amid power sector overhaul. Ministry of Energy chalked out plans to cut electricity prices in coming months, to pass on relief to consumers, who bore the brunt due to inflated electricity bills last year.
In a meeting of Senate Standing Committee, the ministry outlined several measures to deal with country’s ongoing energy crisis. Ending contracts with over dozen IPPs will help government saving over Rs800 billion while closure of 5 IPPs resulted in savings of Rs411 billion.
With these changes, officials are looking at cumulative relief of more than Rs1 trillion. Energy ministry also planned removing capacity payments for 15 IPPs currently operating under the take-and-pay system, further reducing costs.
As part of its broader strategy to reform and improve the power sector, the government plans to privatize most of distribution companies (DISCOs). The privatization process will be in three phases: Phase 1 will involve IESCO, FESCO, and GEPCO; Phase 2 will cover LESCO, MEPCO, and HAZECO; and Phase 3 will include HESCO, SEPCCO, and PESCO.
Sharif led government’s ambitious reform plan will address power sector’s long-standing issues and providing consumers with much-needed financial relief.
Jawad Ahmed assaults LESCO Staff over Electricity Theft at wife’s beauty salon (VIDEO)
